Activist Peltz leaving Mondelez board to join P&G’s.

Billionaire activist investor Nelson Peltz is swapping one board position for another. Oreo-maker Mondelez announced Tuesday that Peltz would be stepping down from the board effective March 1 — which also happens to be the day he is set to join Procter & Gamble’s board. The move allows Peltz, founder of $17 billion hedge fund...

Time: 14:59&nbsp&nbsp&nbsp&nbsp Date: 13.02.2018

Oreo-maker Mondelez announced Tuesday that Peltz would be stepping down from the board effective March 1 — which also happens to be the day he is set to join Procter & Gamble’s board.

The move allows Peltz, founder of $17 billion hedge fund Trian Partners, to “devote more time to other board commitments,” Mondelez said Tuesday.

“As a large shareholder, Trian remains a strong believer in the future success of Mondeleēz International,” Peltz, who served on Mondelez’s board since 2014, said in a statement Tuesday.

As proof of Trian’s continued support for Mondelez, Peter May, president of Trian, will being stepping up to take Peltz’s place. Debra Crew, former chief executive of Reynolds American, will also be joining the board.

Mondelez “is well positioned to continue to create value for its shareholders,” Peltz said.